M&T Bank Corp raised its position in Textron Inc. (NYSE:TXT) by 3.8% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 19,659 shares of the aerospace company’s stock after buying an additional 715 shares during the period. M&T Bank Corp’s holdings in Textron were worth $709,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Morgan Stanley boosted its position in shares of Textron by 3.9% in the 1st quarter. Morgan Stanley now owns 486,416 shares of the aerospace company’s stock worth $12,974,000 after purchasing an additional 18,170 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Textron by 1,303.8% in the 2nd quarter. SG Americas Securities LLC now owns 60,797 shares of the aerospace company’s stock worth $2,001,000 after purchasing an additional 56,466 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Textron by 92.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 123,460 shares of the aerospace company’s stock worth $4,063,000 after purchasing an additional 59,300 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Textron by 18.2% in the 2nd quarter. Janney Montgomery Scott LLC now owns 21,013 shares of the aerospace company’s stock worth $692,000 after purchasing an additional 3,239 shares during the last quarter. Finally, NEXT Financial Group Inc boosted its position in shares of Textron by 176.5% in the 2nd quarter. NEXT Financial Group Inc now owns 9,047 shares of the aerospace company’s stock worth $298,000 after purchasing an additional 5,775 shares during the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.
TXT stock opened at $44.81 on Friday. The business’s 50-day moving average price is $37.84 and its two-hundred day moving average price is $35.10. Textron Inc. has a 1-year low of $20.26 and a 1-year high of $51.53. The firm has a market cap of $10.26 billion, a PE ratio of 27.32, a P/E/G ratio of 3.95 and a beta of 1.70. The company has a current ratio of 2.19, a quick ratio of 1.15 and a debt-to-equity ratio of 0.66.
Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, October 29th. The aerospace company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.17. Textron had a return on equity of 10.60% and a net margin of 3.01%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter last year, the business posted $0.95 EPS. The company’s revenue for the quarter was down 16.1% on a year-over-year basis. On average, analysts forecast that Textron Inc. will post 1.5 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Friday, December 11th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Thursday, December 10th. Textron’s dividend payout ratio is 2.14%.
Several research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on Textron in a research report on Tuesday, September 8th. They issued an “equal weight” rating and a $45.00 price target on the stock. Cowen lowered Textron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $39.00 to $38.00 in a research report on Thursday, October 1st. Alembic Global Advisors upgraded Textron from a “neutral” rating to an “overweight” rating and set a $52.00 price target on the stock in a research report on Monday, August 17th. Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Friday, July 31st. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $45.00 target price on shares of Textron in a report on Tuesday, August 11th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $41.50.
In other Textron news, CEO Scott C. Donnelly sold 227,766 shares of Textron stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $40.29, for a total value of $9,176,692.14. Following the sale, the chief executive officer now owns 867,951 shares of the company’s stock, valued at approximately $34,969,745.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Frank T. Connor sold 69,566 shares of Textron stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $40.29, for a total value of $2,802,814.14. Following the completion of the sale, the chief financial officer now directly owns 207,922 shares in the company, valued at approximately $8,377,177.38. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as offers maintenance, inspection, and repair services.
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